Common-Size Balance Sheet: Assets
Quarterly Data
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Microchip Technology Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Microchip Technology Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-K (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30).
The financial data reflects several notable trends across the analyzed periods.
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets exhibited a significant decline starting from mid-2016 through 2018, dropping from over 8% to under 2%. From 2019 onward, the percentage remained relatively stable but at a lower level, typically around 2% or less.
- Short-term investments
- There were intermittent spikes in short-term investments notably in early 2017, peaking above 15%, but otherwise, these investments consistently accounted for a negligible percentage of total assets, often near zero throughout most periods.
- Accounts receivable, net
- Receivables generally constituted between 4% and 7% of total assets. There was a downward trend from 2016 through 2018, reaching around 3%, followed by a gradual recovery and slight increase through 2022, peaking near 7.3% at the end of 2022.
- Inventories
- Inventory levels as a percentage of total assets declined steadily from above 7% in 2016 to under 4% by 2018. Starting in late 2018, an upward trend reversed this decline, with inventories rising progressively each quarter, reaching over 7% by the end of 2022.
- Other current assets
- Other current assets consistently accounted for a small share, typically between 1% and 1.5%, with modest fluctuations but no clear directional trend over the periods.
- Current assets
- Current assets showed high volatility. They surged notably in early 2017 and into early 2018, reaching a peak around 40%, before sharply dropping to the low teens in mid-2018. From 2019 onward, the percentage stabilized, gradually increasing to approximately 17.6% by the final quarter of 2022.
- Property, plant and equipment, net
- The proportion of property, plant, and equipment to total assets generally declined from just under 10% in mid-2016 to near 5% by 2018. Thereafter, there was a gradual increase, returning to nearly 7% by late 2022.
- Long-term investments
- Data on long-term investments show notable increases during 2016 and 2017, reaching over 10% of total assets at the end of 2017, but are not reported thereafter, suggesting potential reclassification or divestment.
- Goodwill
- Goodwill consistently represented a substantial portion of total assets, fluctuating around 30% in early years but rising steadily to over 41% by 2021 through 2022, indicating growing intangible value from acquisitions or other factors.
- Intangible assets, net
- Intangible assets as a percentage of total assets exhibited a declining trend from roughly 33% in mid-2016 to 22% by the end of 2022, suggesting ongoing amortization or write-downs despite some volatility.
- Long-term deferred tax assets
- The percentage of long-term deferred tax assets grew markedly from under 1% in early periods to above 10% in the years following 2018, maintaining a relatively stable level thereafter, which may reflect changes in tax positions or asset valuations.
- Other assets
- Other assets remained a minor component, usually under 2%, with a slight increasing trend over the period, reaching nearly 2% by late 2022.
- Long-term assets
- Long-term assets comprised a dominant share of total assets, fluctuating around 70% in earlier years, increasing significantly to over 85% between 2018 and 2019, then declining gradually to about 82% by the end of 2022.
- Total assets
- By definition, the total assets percentage is fixed at 100% for each period.
Overall, the data suggest a strategic shift over the periods, with a notable reduction in liquid assets such as cash and short-term investments during the middle years followed by stabilization. The steady increase in goodwill indicates expansion through acquisitions or investments in intangible value. Inventories and accounts receivable trends imply changes in operational cycles or sales activity. The decline and partial recovery of property, plant, and equipment proportions suggest capital expenditure fluctuations. Increased long-term deferred tax assets and a dominant, though slightly decreasing, share of long-term assets further characterize the asset composition evolution.